首次覆盖，给予"增持"投资评级。我们预计公司2025-2027 年分别可实现归母净利润42.53/46.50/50.99 亿元，同比增长37.2%/9.4%/9.6%。我们对公司传统冷配和汽车热管理业务进行分部估值，并考虑到AH 股溢价，对应合理市值为1433 亿元人民币；而三花智控H 股市值为1408 亿元港币，参考2025 年12 月26 日港币兑人民币汇率为0.9067，仍有12.3%上涨空间，首次覆盖，给予"增持"投资评级。 风险提示：原材料价格波动风险；汇率波动风险；人形机器人行业发展进度不及预期。 成熟业务：公司传统制冷和汽零业务保持领先地位。公司深耕传统制冷配件几十余载，多种产品在行业 市占率位居前列；制冷配件业务25H1 收入占比达64%，为公司第一大营收来源。随着内销空调等家电 保有量提升，出海市场空间广阔，有望刺激制冷配件需求，而公司有望凭借行业优势地位保持业务稳健 增长。汽零业务方面，公司凭借制冷配件多年积淀进行底层技术迁移，在份额高度集中的全球热管理市 场中，三花多品类份额居前，深度绑定国内外知名传统燃油车及新能车的核心整车厂商，获得客户广泛 认可。 新兴业务：储能＆机器人业务打开成长 ...

申万宏源主要观点如下： A+H两地上市提升全球竞争力 三花智控是传统制冷配件及汽车热管理领域龙头，2005年在深交所正式上市;25年6月成功发行H股，实 现A+H两地上市，融资渠道进一步打开，公司的国际影响力有望进一步提升。截至25Q3，公司实现营 业总收入240.3亿元，同比增长17%，实现归母净利润32.4亿元，同比增速超40%。 成熟业务：公司传统制冷和汽零业务保持领先地位 智通财经APP获悉，申万宏源发布研报称，预计三花智控(02050)2025-2027年分别可实现归母净利润 42.53/46.50/50.99亿元，同比增长37.2%/9.4%/9.6%。该行对公司传统冷配和汽车热管理业务进行分部估 值，并考虑到AH股溢价，对应合理市值为1433亿元人民币;而三花智控H股市值为1408亿元港币，参考 2025年12月26日港币兑人民币汇率为0.9067仍有12.3%上涨空间，首次覆盖，给予"增持"投资评级。 公司深耕传统制冷配件几十余载，多种产品在行业市占率位居前列;制冷配件业务25H1收入占比达 64%，为公司第一大营收来源。随着内销空调等家电保有量提升，出海市场空间广阔，有望刺激制冷配 件需求， ...

智通财经APP获悉，申万宏源发布研报称，预计三花智控(02050)2025-2027年分别可实现归母净利润 42.53/46.50/50.99亿元，同比增长37.2%/9.4%/9.6%。该行对公司传统冷配和汽车热管理业务进行分部估 值，并考虑到AH股溢价，对应合理市值为1433亿元人民币;而三花智控H股市值为1408亿元港币，参考 2025年12月26日港币兑人民币汇率为0.9067仍有12.3%上涨空间，首次覆盖，给予"增持"投资评级。 申万宏源主要观点如下： 成熟业务：公司传统制冷和汽零业务保持领先地位 公司深耕传统制冷配件几十余载，多种产品在行业市占率位居前列;制冷配件业务25H1收入占比达 64%，为公司第一大营收来源。随着内销空调等家电保有量提升，出海市场空间广阔，有望刺激制冷配 件需求，而公司有望凭借行业优势地位保持业务稳健增长。汽零业务方面，公司凭借制冷配件多年积淀 进行底层技术迁移，在份额高度集中的全球热管理市场中，三花多品类份额居前，深度绑定国内外知名 传统燃油车及新能车的核心整车厂商，获得客户广泛认可。 新兴业务：储能&机器人业务打开成长天花板 储能热管理与传统制冷及车用热管理具有较高相 ...

汽车纵横全媒体 中国汽车工业协会副秘书长陈士华 会上，孙西峰从全球合规视角出发进行了缜密分析。他系统对比了中国、欧盟及北美三大核心汽车市场的法规体系与演变趋势，并指出其环保与安全要求 正在快速趋严且存在差异。基于此，他提出论断：在现有的主要替代选项中，R744（二氧化碳）是当前唯一能够同时满足三大市场中长期法规要求，实 现"一套系统，全球通行"的制冷剂路线。这一选择不仅能规避未来潜在的贸易与技术壁垒，也从顶层设计上为车企的全球化战略提供了稳定可靠的技术基 础，降低因法规差异导致的重复开发成本。 在汽车电动化浪潮下，热管理系统已成为决定整车性能的关键。面对全球环保法规升级，中国汽车产业链正加速推动自然工质等前沿技术从政策引导走向 规模化量产。 当前，在汽车产业全面电动化、智能化的浪潮下,汽车热管理系统已逐渐成为决定车辆续航、安全与体验的核心。面对新能源汽车冬季续航衰减与全球环 保法规升级的双重挑战，以CO₂、R290为代表的自然工质技术正成为行业实现突破的关键方向。 为凝聚产业共识、加速技术攻关与产业化落地，2025中国汽车供应链大会特设"汽车热系统关键技术发展大会"主题会议。本次大会聚焦自然工质应用、热 泵系 ...

近日， 富奥股份 发布公告，宣布以总计2元的价格完成对一汽-法雷奥汽车空调有限公司剩余49%股权 的收购，这家公司被更名为富奥华启 汽车热管理 系统（长春）有限公司，成为 富奥股份 的全资子公 司。 这笔交易的实际对价合计仅为2元， 富奥股份 分别以1元的价格收购 法雷奥冷却系统公司 持有的36.5% 股权和 伊藤忠商事株式会社 持有的12.5%股权。 收购完成后，一汽-法雷奥汽车空调有限公司正式更名为富奥华启汽车热管理系统（长春）有限公司， 成为 富奥股份 的全资子公司。公司公告表示，此次交易标志着公司对合资企业的管控正式迈入"合资合 作2.0时代"。 公开信息显示，此次被收购的一汽-法雷奥公司正处于严重亏损状态。 2024年，该公司净亏损1884.70万元；2025年上半年净亏损已达1744.93万元，接近去年全年亏损额。这 意味着亏损速度在今年明显加快。 富奥股份 在公告中解释称，此次收购是为了提升公司热系统业务资源整合能力与管理决策效率。富奥 华启将作为公司热系统事业部的自主核心战略载体，重点聚焦空调系统总成产品。 然而，市场对这一解释存在疑虑。有网友评论称"我出3元"，也有网友质疑股权"2元购"背后 ...

证券研究报告 | 浙商早知道 报告日期：2025 年 12 月 03 日 浙商早知道 2025 年 12 月 03 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要推荐 重要观点 http://www.stocke.com.cn 1/6 请务必阅读正文之后的免责条款部分 ❑ 大势：12 月 2 日上证指数下跌 0.42%，沪深 300 下跌 0.48%，科创 50 下跌 1.24%，中证 1000 下跌 1%，创业板 指下跌 0.69%，恒生指数上涨 0.24%。 ❑ 行业：12 月 2 日表现最好的行业分别是石油石化（+0.71%)、轻工制造（+0.55%)、家用电器（+0.43%)、建筑材 料（+0.32%)、通信（+0.27%)，表现最差的行业分别是传媒（-1.75%)、有色金属（-1.36%)、计算机（-1.34%)、 医药生物（-1.23%)、电力设备（-1.18%)。 ❑ 资金：12 月 2 日全 A 总成交额为 16073 亿元，南下资金净流入 41.01 亿港元。 ❑ 【浙商通信 张建民/邢艺凡】银轮 ...

Core Viewpoint - The company has approved a proposal to acquire minority stakes in its subsidiary, aiming to enhance its control and efficiency in the thermal management sector [1] Group 1: Acquisition Details - The company plans to purchase a 36.5% stake from Valeo Cooling Systems and a 12.5% stake from Itochu Corporation for a total price of 1 yuan [1] - Upon completion of the transaction, the subsidiary will be renamed to Fawer Huaki Automotive Thermal Management Systems (Changchun) Co., Ltd [1] Group 2: Strategic Implications - This acquisition is expected to improve resource integration and management decision-making efficiency within the thermal systems business [1] - The move is aimed at strengthening the company's competitive position in the thermal management field [1] Group 3: Transaction Status - As of the announcement date, relevant agreements have not been signed, and the company will continue to monitor progress and disclose information as required [1]

Core Insights - Hefei County focuses on the "5+X" key industrial clusters to enhance investment attraction, achieving a total of 123 signed key projects with an investment of 49.46 billion yuan by the end of August, leading among the five counties in Hefei [1] - The county's new energy vehicle industry attracted 45 key projects with a total investment of 16 billion yuan, significantly boosting the local economy [1] Group 1: Investment Projects - Fuyao Group is constructing a full industrial chain production base in Hefei with a total investment of 5.75 billion yuan, expected to generate an annual output value of 6.5 billion yuan and tax revenue of 600 million yuan upon completion [2] - A second phase of the Fuyao project has been signed, covering approximately 260 acres, with an expected annual output value of 2.1 billion yuan and tax revenue of 210 million yuan [2] - A lithium battery wet separator project is investing 1.5 billion yuan for a second phase, aiming for an annual output value of 2.95 billion yuan and tax revenue of at least 227 million yuan [4] - Benteler is collaborating on a project with an investment of 1 billion yuan, expected to yield an annual output value of 1.2 billion yuan and tax revenue of 30 million yuan [6] - Jianlin Mould is investing 500 million yuan to establish a production base for automotive injection molds, projected to generate an annual output value of at least 700 million yuan and tax revenue of at least 45 million yuan [8] Group 2: Industry Development - Hefei County is enhancing its midstream manufacturing capabilities by focusing on high-end passenger vehicles and expanding into new energy special vehicles and engineering vehicles [17] - He'an Machinery is investing 1 billion yuan to build a research and manufacturing base for high-end industrial vehicle components, with an expected annual output value of at least 2 billion yuan and tax revenue of at least 90 million yuan [18] - The county is also developing a comprehensive after-market service ecosystem for new energy vehicles, covering vehicle testing, charging services, and automotive sales [25] Group 3: Future Outlook - The new energy vehicle industry in Hefei County is projected to exceed an annual output value of 100 billion yuan upon full production [32] - The county aims to form a complete industrial chain cluster with leading high-end vehicle manufacturing, a concentration of key component suppliers, and a well-developed after-market service system [32]

Group 1: Financial Performance and Investments - The company reported R&D expenses of 115 million CNY for the first half of 2025 [1] - As of June 30, 2025, the company had cash reserves of 915 million CNY and trading financial assets of 1.338 billion CNY [5] - The company aims to enhance shareholder returns through cash dividends and share buybacks [8] Group 2: Market Position and Product Development - The company holds a leading position in the domestic market for large and medium-sized bus thermal management products [2] - In the first half of 2025, the company secured over 2.8 billion CNY in new orders from strategic clients in the passenger vehicle sector [4] - The company’s products are widely used across various vehicle types, including large buses, passenger cars, and refrigerated vehicles [10] Group 3: Strategic Partnerships and Clientele - The company has established strategic partnerships with several major automotive manufacturers, including BYD, SAIC Audi, and Changan [4] - The company is a key supplier of thermal management products for multiple models of NIO and Leap Motor [11] - The company is actively expanding its presence in the North American market, focusing on major OEMs [20] Group 4: Future Outlook and Challenges - The company anticipates continued growth in the large and medium-sized bus market, with a projected sales increase in the second half of 2025 [5] - The company is exploring new product developments in response to the electrification trends in commercial vehicles [9] - The company is currently not considering entering the data center and humanoid robot sectors, focusing instead on its core thermal management business [16]

Group 1 - The core point of the news is that Zhongjie Automobile announced that its major shareholder, Liu Chaohui, has pledged 2.35 million shares, which accounts for 33.53% of his total holdings [1] - As of the announcement date, Liu Chaohui has a total of 2.35 million pledged shares, representing 33.53% of his holdings [1] - For the first half of 2025, Zhongjie Automobile's revenue composition shows that the automotive thermal management system accounts for 89.17% of total revenue, while other segments contribute 10.83% [1] Group 2 - The current market capitalization of Zhongjie Automobile is 4.5 billion yuan [2]